Note. Forex is gambling by being a game of change whereby we can't guess the result with 100% accuracy. So trade at your own risk.
The idea is you're working and so you have extra money after expenses, a bit of index fund you save over time, and you have a bit more than you can use for forex. This a bit more is the only thing you're allowed to gamble.
1. Use micro lots. Microlots will allow you to have lower risk than the standard and therefore give you more chances to increase your capital.
2. Risk of atleast 1rr so you can scale your capital consistently.
3. I'll classify the risk as to aggresive which is risk =1/20 of your capital to Conservative which is risk = 1/200 of your capital.
You must not change the risk. Whether you win or lose for every 20 trades or 1 month.
This is a practice of consistency.
4. Choose a strategy that works best for you. Example for me would be the ny range of 8 pm to 5 am ny time as range and breach of which before 8am ny time is allowed for the signal. This for a simple 1 to 1 rr.
You of course can choose what you like. What is important is that you focuse solely on 1 model and be repetitive with it.
Now that you have the process the idea is this.
You deposit your capital, you trade, you make 3 to 5%. You withdraw it all. The lag time between this and you receiving the money will be time for rest.
Once this is done. Save enough money to double the capital or atleast add something to it and again repeat the game.
3 to 5%. Withdraw lag time. Deposit a bit more. Doing this you'll ensure consistency. And enjoy trading versus rushing it.
Note. This is not a get rich scheme. This is extra money. If it's big enough you can withdraw and use it to invest in something else or treat yourself.
Now if you are broke. Please don't trade. Get a job, make sure you have excess. And only the excess you trade.
The idea is you're working and so you have extra money after expenses, a bit of index fund you save over time, and you have a bit more than you can use for forex. This a bit more is the only thing you're allowed to gamble.
1. Use micro lots. Microlots will allow you to have lower risk than the standard and therefore give you more chances to increase your capital.
2. Risk of atleast 1rr so you can scale your capital consistently.
3. I'll classify the risk as to aggresive which is risk =1/20 of your capital to Conservative which is risk = 1/200 of your capital.
You must not change the risk. Whether you win or lose for every 20 trades or 1 month.
This is a practice of consistency.
4. Choose a strategy that works best for you. Example for me would be the ny range of 8 pm to 5 am ny time as range and breach of which before 8am ny time is allowed for the signal. This for a simple 1 to 1 rr.
You of course can choose what you like. What is important is that you focuse solely on 1 model and be repetitive with it.
Now that you have the process the idea is this.
You deposit your capital, you trade, you make 3 to 5%. You withdraw it all. The lag time between this and you receiving the money will be time for rest.
Once this is done. Save enough money to double the capital or atleast add something to it and again repeat the game.
3 to 5%. Withdraw lag time. Deposit a bit more. Doing this you'll ensure consistency. And enjoy trading versus rushing it.
Note. This is not a get rich scheme. This is extra money. If it's big enough you can withdraw and use it to invest in something else or treat yourself.
Now if you are broke. Please don't trade. Get a job, make sure you have excess. And only the excess you trade.
Trading is gambling. So gamble responsibly.